Hilltop Holdings Inc. Purchases New Position in Square, Inc. (SQ)
Hilltop Holdings Inc. purchased a new stake in Square, Inc. (NYSE:SQ) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 5,795 shares of the technology company’s stock, valued at approximately $357,000.
Several other institutional investors have also made changes to their positions in SQ. Boston Family Office LLC acquired a new stake in Square in the 2nd quarter worth about $341,000. Cognios Capital LLC boosted its holdings in shares of Square by 18.2% during the 2nd quarter. Cognios Capital LLC now owns 24,549 shares of the technology company’s stock worth $1,513,000 after purchasing an additional 3,779 shares during the last quarter. Brighton Jones LLC boosted its holdings in shares of Square by 39.1% during the 2nd quarter. Brighton Jones LLC now owns 11,572 shares of the technology company’s stock worth $713,000 after purchasing an additional 3,251 shares during the last quarter. NumerixS Investment Technologies Inc boosted its holdings in shares of Square by 46.7% during the 2nd quarter. NumerixS Investment Technologies Inc now owns 39,000 shares of the technology company’s stock worth $2,400,000 after purchasing an additional 12,420 shares during the last quarter. Finally, CIBC Asset Management Inc boosted its holdings in shares of Square by 12.2% during the 2nd quarter. CIBC Asset Management Inc now owns 14,046 shares of the technology company’s stock worth $866,000 after purchasing an additional 1,525 shares during the last quarter. Hedge funds and other institutional investors own 51.95% of the company’s stock.
Several research analysts have recently weighed in on SQ shares. Royal Bank of Canada boosted their target price on Square from $53.00 to $65.00 and gave the stock an “outperform” rating in a report on Wednesday, May 23rd. Needham & Company LLC boosted their target price on Square from $58.00 to $65.00 and gave the stock a “buy” rating in a report on Friday, June 1st. Cantor Fitzgerald restated a “buy” rating and set a $69.00 target price (up from $51.00) on shares of Square in a report on Friday, June 1st. Stifel Nicolaus boosted their target price on Square from $55.00 to $66.00 and gave the stock a “buy” rating in a report on Monday, June 4th. Finally, Buckingham Research cut Square from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $55.00 to $65.00 in a report on Wednesday, June 13th. They noted that the move was a valuation call. Four analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and twenty have issued a buy rating to the company. Square currently has an average rating of “Hold” and an average price target of $60.89.
Square (NYSE:SQ) last released its quarterly earnings data on Wednesday, August 1st. The technology company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.14. Square had a negative return on equity of 3.18% and a negative net margin of 2.30%. The firm had revenue of $385.00 million for the quarter, compared to analysts’ expectations of $367.99 million. During the same period in the prior year, the firm posted $0.07 earnings per share. The firm’s quarterly revenue was up 60.4% on a year-over-year basis. analysts anticipate that Square, Inc. will post -0.04 EPS for the current year.
In other Square news, insider Jacqueline D. Reses sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, July 2nd. The stock was sold at an average price of $62.34, for a total value of $935,100.00. Following the sale, the insider now owns 559,200 shares of the company’s stock, valued at $34,860,528. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Ajmere Dale sold 4,096 shares of the business’s stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $89.99, for a total value of $368,599.04. Following the completion of the sale, the insider now directly owns 93,255 shares in the company, valued at approximately $8,392,017.45. The disclosure for this sale can be found here. Insiders sold 1,358,111 shares of company stock worth $98,990,502 over the last quarter. 27.99% of the stock is currently owned by insiders.
Square, Inc provides payment and point-of-sale solutions in the United States and internationally. The company's commerce ecosystem includes point-of-sale software and hardware that enables sellers to turn mobile and computing devices into payment and point-of-sale solutions. It offers hardware products, including Magstripe reader, which enables swiped transactions of magnetic stripe cards; Contactless and chip reader that accepts EMV® chip cards and Near Field Communication payments; Chip card reader, which accepts EMV® chip cards and enables swiped transactions of magnetic stripe cards; Square Stand, which enables an iPad to be used as a payment terminal or full point of sale solution; and Square Register that combines its hardware, point-of-sale software, and payments technology, as well as managed payments solutions.
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